My dad was a cinema projectionist in the 60's and 70's and the last time I visited the projection room(about 1979) the standard multireel format was already being replaced by huge single reels laying down horizontally,thus making is easier for projectionists and also allowing cinemas to use less of them.
AFAIK this is still basically how its done,perhaps even simpler.
But even now,no format,digital or otherwise can capture the clarity of 35mm film.
Satellite and broadband distribution would have to come from a very powerful source,and plasma screens ,even ones that costs tens of thousanRAB are still developing and produce pictures well below acceptable quality.